Deloitte revenue grows 33%
Deloitte & Touche has revealed a 33% growth in annual revenue, with much of it down to the transaction with Andersen. The underlying growth rate was estimated to be between 5% and 10%, the firm said.
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Although the firm did not break up its figures, it showed total revenue had grown from £924m in 2002 to £1,228m in its current financial year.
The firm said: ‘The results reflect the Andersen transaction from August 2002, when over 3,000 partners and staff joined the firm.’
UK senior partner John Connolly told Accountancy Age that the integration had gone with a minimum of disruption, so the firm’s employees had been able to focus on clients. He added that this was one of the reasons why the firm’s fee income had not taken a hit despite the difficult economic environment.
Another important, yet controversial, development was the firm’s decision to keep Deloitte Consulting. Connolly said that retaining the consultancy arm had provided the company with an ‘unparalleled range of skills that will benefit the delivery of all our service to clients’.
And he said that, although there had been lower revenues in the consulting business, the firm had grown in other sectors to counterbalance the drop giving it the opportunity to become the biggest accountancy firm.